Shareholders of Seplat Petroleum Development Company Plc yesterday at their Annual General Meeting (AGM) approved a dividend of $0.15 per share for the 2014 financial year, up from $0.10 in 2013. Seplat, which is dual listed on the Nigeria and London Stock Exchanges, also said its gas revenue grew by 51 per cent in the financial year ended December 31, 2014.
This was indicated in the company’s annual report and accounts for the period under review. The Chief Executive Officer (CEO) of the company, Austin Avuru, said that gas commercialisation strategy is a key revenue driver for the company. He said: “We see the commercialisation and monetisation of Nigeria’s natural gas resource as an attractive long-term opportunity as we seek to go beyond our domestic supply obligations by selling to commercial ventures in Nigeria, such as power generation plants.
Pursuant to the Nigerian Gas Master Plan 2008, Nigeria is currently undergoing significant changes in the domestic gas pricing environment, which has resulted in increased gas demand and improving pricing dynamics.” He noted that the company concluded a 10 day tie-in on its Oben plant to enable the company have a single homogenous plant consisting two by 45 Million Standard Cubic Feet of Gas Per Day (MMSCF/D) WAGP specification gas postcommissioning, from the Oben node.
Avuru disclosed that the facility expansion and upgrade would bring the company’s overall daily gas production capacity to slightly over 300 mmscf/d. “We have materially grown our reserves base, delivered full year average daily production in line with guidance and exceeded peak rate objectives. Expansion plans for our gas business gathered pace and the new Oben gas processing plant will allow us to increase supply to the domestic market,” he added
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